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tv   Bloomberg Markets Americas  Bloomberg  October 11, 2023 10:00am-11:00am EDT

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ppi hotter than estimated, and market going nowhere. you look under the hood and there are individual stories like exxon buying pioneer, lvh getting smacked -- lvmh getting smacked. can you pick stocks in this market? joining us to discuss is denita and abigail. is it macro that still needs to dominate? can you pick stocks as we move into any season? >> now is a difficult time to dissect. what would be the best time to pick stocks? when correlations are low. implied correlations are at the lowest level since 2018. this earlier we saw this also being very low. has that helped?
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they have fared pretty well during september. but earlier in the year when we saw that huge rally in tech, they performed quite badly. going back to the micro and macro factors, when earnings are important, balance sheets are important, they should be the perfect time? of course, for the last month, we have seen macro factors coming in strong. we have seen the higher for longer narrative. we have seen political developments. so, now that those micro factors are fading in, it can matter again soon. guy: abigail, talk about dispersions in the market. what are correlations at the moment? i look at volatility and it seems to be suppressed but then you look at single stock volatility and it seems to be
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elevated. there are trades that are long single stock vol. all i see on the daily basis is a violent rotation. in theory, that should be a market in which you want to pick stocks. day by day single stock news is there and we are getting big moves. abigail: great question. correlations are relatively low. they tend to rise when markets go down from a macro standpoint. we have so many macro factors whether it is the fed, inflation, the geopolitical situation. many believing recession could be coming next year. when you think about this, the steepening yield curve is offset with the idea that stocks rise in a presidential year. most folks -- it is not a right
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now positioning. it is looking ahead to the future. the idea that a rising tide is going to lift all the boats -- we really have a rocking tide. i would think about it more from a sector standpoint, that rotation you are talking about, whether it is risk on or risk off. beneath that there are mini sectors doing well or if an investor can get comfortable with the financials, the valuation, what it looks like against rising rates. it is a good time to pick individual stocks. alix: we are today's before we kick off earnings -- we are two days before we kick off earnings, some are saying it will not be hard to get the lift. others say it will be harder. that is when the micro is going to matter, right?
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abigail: we need to see the numbers. there has been inconsistency. there was such a long time where companies did well and stocks were rewarded. i think we want to see how those numbers come out and what is the color in terms of this recession fear, inflation, that kind of positioning? from that standpoint, bring that in. but it is going to come down to the numbers. if companies can keep their guidance in place, that is probably a company you can stick with. my sense is this is a more difficult environment and investors might want to position that way. guy: the gap between winners and losers, and i am talking about sectors, is 63%. the highest gap since 2000. denitsa, in theory, all of this makes sense for being able to pick stocks and sectors.
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but the narrative shifts we have seen this year are so violent -- is anybody making money off of this? everybody seems to be running to cash. is anybody getting this right? how hard is it to get it right? denitsa: it is extremely hard. the narrative has been switching so many times. that dynamic between macro and micro mattering has been switching every two or three months. being invested in the s&p 500 has not been bad. it has a pretty good return. even active managers, who are not having their best year, fared well in september when that selloff happened. getting perfectly the winners and losers seems impossible. [laughter] people who are defensively positioned were in a bad place.
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when the selloff is happening those positions were in a good place. we have that sharp shift in narrative. it is hard to pick winners and losers. but what is important this year is participating has paid off compared to last year when staying away and being scared of inflation and central banks. this year picking someone has been a successful bid for some people. alix: i wonder when we are going to talk about the catch up trade. if you were not invested, you missed out. i wonder when it is going to be like, oh, i have to buy that until the end of the year. so much of the moves we have seen have not made sense. denitsa: exactly. you can argue -- a lot of people can say this is the perfect time for dip buying. in april, there was a rush for
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people to buy into the rally because they were so behind they said, oh, this is the time to catch up. why are we missing on this rally? how you can explain that when the nasdaq was up 40%? maybe some of those people are looking to enter -- maybe people are cautious -- but in terms of sentiment shifts, we have not seen that. we have not seen any big flaws. what happened before was the ai hype and that has cooled down. we have not seen that type of capital in recent months. guy: abigail, i am assuming if we were to see a big selloff, all stocks need to move in the same direction -- down. what is the market set up for that to happen?
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single stocks are bouncing around in different directions so the markets and volatilities are going nowhere. how big of a shift are we going to need to see for those to move the same direction? abigail: i would actually -- i am glad i have this opportunity. i am not sure right now is a buy the dip moment. over the last few years when stocks have come in 5%, 10%, it has been a buy the dip moment because the fed was there. i argue the fed is going the other direction. conditions are tightening. we do not know what is going to happen in november and the idea that caughts are coming anytime -- cuts are coming anytime soon. what could trigger some broader selling? we have seen in the russell 2000. the russell 2000 is down more than 10%. well below the 200-day moving average. that is a fancy way of figuring out what the long-term buyers and sellers are doing.
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the long-term buyers of small-cap, that is your growth, the tell, they are starting to get out. in 2007, that is when the russell 2000 peaked. the s&p 500 peaked months later as to the nasdaq. the fact that the russell is underperforming suggests that we could see that broader selling. on the other averages it will be when the technical levels are potentially taken out, such as the 200-day moving average. a simple way of telling you the long-term investors are less interested. they want to take a pause. it tells you the sellers have more information to the downside, i.e., there could be recession ahead. guy: thank you very much indeed. perfect way to start what we think is going to be an interesting session. thank you very much. coming up. , more insight into our question of the day. can you pick stocks in this
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market? sarah hunt, alpine woods portfolio manager. i suspect she things yes. this is bloomberg. ♪
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>> it is a timing thing. >> the idea that recession is one or two quarters away is going on 18 months. >> not seeing the slowing that many market participants thought you would see. >> the payroll number from last week. >> the bottoming and the pmi data. >> it is hard to make the case we are seeing some kind of real recessionary slowing in the
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economy. >> it does not seem like things are breaking. >> if you say it long enough, eventually, those quarters will materialize. >> that stronger economic data really means the u.s. federal reserve is going to be the last hawkish central bank standing. >> financial conditions have tightened. >> there is more tightening in the system. >> we have seen early signs of credit card data that have fallen off. >> a lot of data for the u.s. consumer. >> the ugliness under the hood can come out quickly. >> things can be ok for a little while longer. alix: those are some of bloomberg tv's guests weighing in on the economy brings us to the question of the day -- can you pick stocks in this market? clearly, we are macro driven, but can the micro matter more? we ask sarah hunt, alpine woods portfolio manager. i am hoping you say yes. can you pick stocks in this market? sarah: guy was not wrong. i am going to say yes.
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you have outperformance driven by a handful of stocks and it becomes frustrating. even if the fundamentals are pretty good. i think it has been very much a back-and-forth market driven by interest rates but also the bloodbath in technology last year, the resurgence of that trade this year. right now, longer-term, you have to look at the ones that will matter. you think about the energy transition. you think about what happened with the merger. but if you look longer-term, there is a whole area where people are talking about transition what you are going to have a long tail. you are going to have lng becoming a bigger picture. if nothing else some of the horrible things that have gone on the last year reminds people energy security is a real thing. guy: what kind of patientence do
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you have to have to do that? european names have been trashed. the market is whipping from narrative to narrative. how do you invest in single stocks when you are getting that kind of movement? sarah: part of the problem has been an issue on the macro side. the question about what is going to happen with the fed and interest rates has been the biggest question. every couple of weeks it is going to be great, it is going to be terrible. it is going to be great, it is going to be terrible. that is hard to deal with individually. you have also had rolling recessions through the sectors within the stock market. i think you are going to have to -- if you are picking stocks longer-term, you have to live in periods of underperformance. if you do not believe in that, you are going to have a harder time because you are going to keep switching. that is always a problem. patientence has been the
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name of the game. alix: what about valuations? sarah: you have to look at places where you would like to be positioned longer-term. when those stocks get hit -- because, inevitably, groups or individual names get hit -- it is scary to buy them because things are slowing down. but you really want to look at the areas where you know we are going to see growth. you do not buy them at the top when gas prices are highest. look for those moments and say, ok, i want to put those into the portfolio but at a reasonable price. guy: but you have got to have cash on the sidelines waiting to make those calls. are you running with a higher cash rate as a result? sarah: i think this year now that you have gotten interest rate on short-term bonds there has been a shift toward cash and bonds. it is not so much as we are running with excess.
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defense stocks have just picked up but longer-term that is where you see growth and spending. the world is not getting safer or cleaner. alix: you mentioned lng. away from the energy complex, what else fits that bill? sarah: we talked about this last time. i think technology stocks have become more utility-like. even the utilities have gotten crushed. you have a lot of business models in the technology space that are more like a subscription business where it keeps going and going and then you have kickers like ai, microsoft, google. those names that pull in cash. i think longer-term you're going to see them grow even in a weaker economy. when you are looking at the overall approach you want to set yourself up for where do we think the areas are going to be less impacted are going to be?
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the consumer discretionary. though stocks have already gotten killed but to the point of people -- the survey of people spending more or less money. everybody is going to spend more on travel. guy: you guys have got the dollar. alix: that's true. i am coming to europe again. [laughter] guy: it may not be far away. am i going to make 5% on the strategy? am i going to make more than 5%? if i do not make more than 5%, why am i doing it? sarah: this goes back to am i looking for longer-term investments that will pay off on a multiyear investment? whether or not we stay there is becoming a different problem and that is a big problem into 2024 because that will impact equities as well. if it looks like the longer rates are going to stay higher,
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you do have a bogey that is 5%. but a lot of people do not just want to put their money in treasuries. when the treasuries get whipped around -- which has not happened in a long time -- even if you do not sell those bonds, you are looking at principal erosion. alix: what is your barbell -- you are a stock ticker -- but when it comes to stocks and bonds? you are going to want exposure and if you sit in it for five years and get 5%, don't you want to do that? sarah: it depends on who you are and what you are investing for. an institution is different than a foundation. for a foundation, you are going to want more fixed-income because you finally got a reasonable yield. the question is how long and far out do you go? until recently you were not even close to these numbers we have seen on the 10-year and 30-year. that will be the question going forward. but there is also the longer-term growth in equities that tends to be better through cycles. what does 2024 look like?
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is it a good or bad cycle? the jury is still out on that. guy: the key trends are energy transition but stick with hydrocarbon. you have got the ai story developing. we do not know whether that is a bubble. you have the health care story. what do you think of the ozempic story? how do you latch onto a trend like that? is that the kind of trend you are looking at to invest long-term in? there are very few areas at the moment where i can get a lot of visibility. maybe that is one of them. sarah: there is a question of what that visibility is going to look like. are we going to get enough insurance companies to pay for it to make these trends really come to the fore? i do not know what the answer is. i know availability has been a big issue for that drug. can they gear it up enough and once they do is that going to have continued growth? it sounds like it is a great
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thing at the moment. but, yes, you would be wishing you were in before this happened. yes, you want to look at areas where you see some growth but you also want to be careful extrapolating trends out so far that you say, maybe there is too much. or maybe we are giving too much negativity to some of the food stocks and restaurant stocks. alix: but to your point, guy, narratives change and things whipsaw all the time. really appreciate it. it is always fun to get sarah's perspective. sarah hunt of alpine woods, thank you. still ahead, samsung raising hopes that the global semiconductor market might be on the upswing. details in the startup. this is bloomberg. ♪
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guy: there is not a lot of beauty in the world right now but there is some. san francisco, a beautiful sunrise looking across the bay. what a fantastic shot. we will take that for the time being. 23 past 7:00 on the west coast. top tech stories in the bay area and beyond. bit of a focus on the beyond as silicon valley weeks up. ed ludlow joining us now. let's talk about what is happening with samsung. the samsung profitability numbers were down, but they could have been down more. it could have been worse. people are taking that as a positive sign. maybe things are bottoming out. ed: i have this sense of deja vu. i feel like you and alix and i have had this conversation several times this year already. samsung's operating income fell 18% year over year. that would be pretty bad.
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but remember that last quarter operating income fell 98% year on year. things are improving and what we are focused on is memory chips. the reaction from analysts and the market is, this is good news. we have passed the bottom. we have bottomed out in the memory chip market. that is the deja vu bit. i think i told you that before. alix: but you can bottom for a while. you can be in a trough for a bit. it is not like a mountain. we know how long that is going to last for? ed: the data sets are interesting because you have to look at the top line growth, or lack thereof, and the deceleration is not being severe. the memory chip market is interesting. short-term memory in your personal laptop or your phone, we know that market has not
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recovered. look at the data from earlier this week. pc shipments are down significantly. but why is there no ai love for memory chips? we know on the cpu and gpu side there is so much expansion on data. the question for the market is, hold on. why are we not seeing that benefit for memory chips as well? there is optimism there. alix: thanks a lot. ed ludlow joining us. you can catch ed coming up in about 90 minutes. you did not say anything about mountains, guy. i give that to you as my gift. guy: we are not talking about mountains anymore. we are over the mountains. [laughter] i have claimed the mountain, but others do as well. alix: any who. coming up, we are good to talk more about exxon, the biggest energy deal in decades, and highlights for my interview with the key players.
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exxon stocks still lower on the day. we will break it down more. this is bloomberg. ♪ nice footwork.
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>> we are about one hour into the u.s. trading session but honestly at headline level, not much happening. abigail: not much happening at all, although this chart makes it look like some topsy-turvy trading. the s&p 500 future, really nothing happening. basically kind of where they are at and a little bit of burst higher into the open. what is significant about this, it could mean a fourth update in a row for the s&p 500, the first time we'd see that in almost six weeks. beneath the surface and the question of the day in terms of do you want to buy stocks, here are some investors going out on
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a limb. caesar's and american airlines, these areas, sectors, stocks down earlier this week on the war. today they've been on the rebound. eli lilly up in sympathy with the weight loss drug now being apparently effective kidney disease and then bowing up 2.7% as well. we take a look at the s&p 500 and the macro, we are going to see that it is well-off of the 200 day moving average. whether this is some kind of a bottoming pattern is unclear. we are going to see it move back lower. if we take a look at the 10 year yield this year, we are going to see this big, big rise, really unsustainable. this is starting to consolidate back down to the trend. looks like we could see the 10 year yield go back to 430. at that point, i would say there is some real volatility for the markets.
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we don't know if that will be the typical relationship we have with yields down, stocks up. never a dull day, moment or week. alix: abigail, thank you very much. exxon mobil is expected to trim annual cost by about $2 million as it integrates with pioneer natural resources. >> you have to become a diversified company. the question is, do we do it ourselves or do we become part of a company like exxon mobil? exxon mobil has the best around the world, the best growth opportunities. with the best transaction, shell companies cannot survive on their own long-term. they are going to have to merge, consolidate, and be part of
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diversifying companies is my general opinion. this should happen in the next five years. alix: is it going to be like private guys getting together, or what you did were you have a huge reach all across the globe? >> as you know, there's only two large diversified across the globe. i think shell companies are going to have to combine and either try to do it on their own, or merge into one of the diversified companies. that is my general opinion. alix: to that point, does this merge or change any investment decisions you're going to make for stuff out of shale? in brazil, mozambique. isn't going to change looking for acquisitions out of the u.s.? >> is very aligned with our strategy. we've organized ourselves to prosecute competitively-advantage
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investments along different resource types. we have an unconventional business. scott's business is a pure player in conventional business so it slots right into our existing business. we have the same focus on productivity and resource recovery and cost efficiency, and if you look at our unconventional business and scott's business, they are comparable sizes, so it is a merger of equals. scott's business is generally funding itself. i expect the rest of our businesses to continue pursuing their investment for folio and looking for additional opportunities in that space. alix: so they actually are excited. i know they don't look excited, but they were really excited. my question really is timing. it's easy to look at the oil price and the like, this is why it makes sense. scott has already retired once
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before, he's retiring again at the end of the year and i have to wonder, this is a real trigger point to make this all happen. die: you do wonder whether this is just an exit strategy for scott. i am being really cynical here but it certainly works along those lines. as you say, he has tried it before. i can see the industrial logic and why the deal makes sense, all kinds of reasons for doing this, but why now? >> that is kind of the only conclusion. alix: you look back at a huge natural gas plant back in 2010, and then gas prices crashed. not making a parallel, just saying historically. they have not timed well with pricing. guy: usually these kinds of massive events tend to signal a shift in the wind. you do a big deal, you build a tall building. these kinds of things are
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usually indicators. it didn't like the alix steel shopping strategy. if she is buying it, by something else. if it is cheap right now, maybe it gets more expensive further down the road. it looks and feels like it could be one of those. we will wait and see. on a more serious note, news coming out of israel right now, the bank of israel governor is going to be sticking around. there's no clear timing on this, basically just saying until the end of the war, but there has been some pressure put on him to make sure that he does continue and it looks like that has been confirmed that it will happen. coming up, we need to talk about the data that we've received today, rising more than anticipated. one of the factors, energy costs. how that is hitting corporate america's bottom line. joining us next, this is bloomberg. [inaudible] [inaudible] [inaudible] [inaudible] [inaudible]
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alix: this is bloomberg markets. coming, victoria fernandez, chief market strategist. this is bloomberg. the macro news of the morning is ppi. prices paid to u.s. producers rising more than forecasted, inflated by higher energy costs. to get more insight, joining us now is the ceo of manufacturing company gmm. always good to get your perspective. the headline doesn't look right. how was i going on the ground? >> last time i was on, we had a pretty good first five or six months of the year and i was talking about potentially a really strong summer but on or gently, our summer was tremendously below expectations.
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as i said, gmm is going to have just a scorching the amazing q4 to even break even relative to where we were last year in 2022, so it was a pretty big surprise on the downside. the only analysis that i can kind of make from my multinational american clients is that people are just a little more skittish about potentially being left with unsold inventory based on what happened in 2021 and 2022. the other half is maybe something about the weakening consumer inflation. guy: do you think people are just managing working capital a little more credit the right now? you getting rates on returning your money if you can free up a little bit of working capital. that makes sense. >> for sure. there's no question where rates are right now. you are looking at a 10 year that is 4.7 vs. less than one a
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couple years ago, but i would also say to a general point about being lenient is this year we have unfortunately had to do another riff and let some people in europe go because we saw a lot more off shoring there. you basically have to optimize for profit. you have to optimize for cash flow across the economy and i think that there is this new normal wear ceos, cfos recognize that you have to make one plus one equals three. you have to do more with less. alix: that's really interesting and i'm just wondering what is the next step for you then? what would change the business for you? what would make you feel better in the morning for that to happen? >> i would love to return back to the demand we saw 24 months ago. the summer of 2021 was our best year ever, and i think if we could get back to the high watermark, that would definitely make me sleep a lot easier at night, but everything mc on the
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cloud, we just found out a few weeks ago that one of our clients in the u.s. decided to close their plant, completely closed it. 130 people losing their jobs, moving all that production over to china. with all the talk we see about re-shoring, you still see this situation where americans are assessed with the highest quality and the lowest possible price. target, walmart. that is where all of the goods with amazon that we make get sold. and until people stop optimizing for low prices, that is just going to keep happening and i don't think americans are ever not going to want the highest quality for the lowest price? guy: we got some data out earlier on, kind of why we are talking to you in reality. ppi comes through at 2.2. does that sound a little low to you, or does that sound about right to you? what kind of inflation rate are you seeing? >> my joint material costs have gone up about 6% this year.
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we have been able to increase prices, though, by almost 5%, but we are able a little bit easier to increase prices because every one of our clients, as much as they are sophisticated and always try to say no, they understand that the world that we are in is very volatile to the upside. this inflation genie is out of the bottle. i think it is going to last longer than people think. we are now starting to see potentially the real impact of it hitting the consumer. i know some retailers like walmart are looking pretty good. others like out -- target are not looking good at all. we are waving our arms in the dark trying to determine the next consumer. alix: any signs of prices in attic -- any category falling? i'm just surprised it has been so pervasive.
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>> for instance on the supply chain when it comes to things like shipping which we do a lot of, those costs have gone down, they were going down from a level where they were 10 times up during the crisis in early 2022, so i don't consider that an absolute victory. maybe a relative victory. we are seeing a lot of global softness. i've talked about india, going gangbusters and even that is slow for the last 90 days. for me, asteria softness and i am an optimist. i'm hoping the 2024 ends up being a return to 2021 in high demand. guy: this is such a useful conversation, you have no idea. the american economy, the global economy, so useful. great to catch up.
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coming up in today's wall street beat, matt brown, chairman and ceo of -- explaining what is behind the rise in alternative investing. we will talk about that next. this is bloomberg.
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>> time now for wall street beat where we look at what is buzzing in wall street and the world of banking and finance. today we are joined with matt brown, founder, chairman and ceo. good to see you, thank you so much for joining us. just take a second. what are your clients make of the environment right now? a lot of uncertainty, alternative asset investing has been really popular. what are you noticing? >> as a technology platform, we
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sit between alternative investment managers and wealth management financial advisors, so we are really in a position to observe interesting trends. what we are seeing a lot of i think is the interest in hedge funds. that has been an asset class for a strategy the past few years. obviously last year and the year before dominated by private credit and private equity, but hedge fund strategies especially macro, discretionary macro and multi-strategy seeing huge volumes across the platform. >> is this an instance where the retail investors are a lagging indicator? even though last year was such a blowout year for hedge funds, this year has not had the same story. >> it is a fair point, but i don't think so. i see a lot of the advisors allocating to the hedge fund strategies because they are frankly more numerous right now. there is a lot of geopolitical uncertainty out there with the election coming up, and macro
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traders are able to navigate theory uncertain times successfully, and so i do see a lot of that preemptive moving of the hedge fund space. guy: matt, good morning. can you just talk me through the trends that you see right now. you think your business is best positioned to take advantage of? >> the trends are really free. permit technology platform standpoint, connecting the wealth community to the alternative asset community. we are seeing that advisors are really increasing their allocations to alternative investments across the board, whether that is private equity, private credit, and even real estate in this environment. the second trend we are seeing which is often not talked about is the larger asset managers really committing resources to the wealth community. they are building their teams, they are investing in education for advisors so they can
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understand strategies and implement them to client portfolios, and also creating products that are more well-friendly and more scalable across the financial advisors bubble. >> if you're talking to financial advisors, they are finally getting money by keeping money in the bank. if you think about the push and pull here, why pay the price that would be associated with some of these alternatives that are very expensive? >> caches finally king. we can't ignore the interest rate environment. i was joking that i finally looked at some of the numbers and we realized that actually interest does make a difference. that being said, the strategies that are being employed right now in the alternative space are getting access to the private markets which is such a huge portion of our economy. it's giving you the opportunity globally. it really is both.
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guy: as more people gain access to the private markets, do you think you will see more regulation? >> potentially. the regulators right now are really on the fence between wanting to open of private funds more broadly or regulate them more tightly and it seems to be a bit of a push and pull right now. in congress right now, there's legislation that is trying to promote a broader opening of alternative investments. the thought being, of course, that those who can't get access are missing out. the sec of course is looking to revise the accreditation rule and increase that level. so it really is kind of tbd on that one. >> there are these secular forces like interest rates, but then there are these really big forces in the economy that are making it very tough to invest. you have a conference that is kicking off. mike pompeo starting things off.
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how do you make sense of the environment we are in? >> the conference is the perfect form for that. the largest summit in the u.s. for independent financial advisors who want to learn more about alternative investment strategies. we have some of the largest alternative asset managers attending. it really is an educational moment and i think that to answer your question, how can an extensive data, that is exactly what the forum is designed to do, to bring those communities together, increase learning so advisors can understand strategies better. >> there's kind of these new strategies. next week i will be interviewing todd boldly at that conference. sport has been such a hot area, it's uncorrelated. but how much is that taking away interest in things like private equity or, frankly, it is getting really expensive ticket returns? >> a lot of these newer asset classes like sports are just opening up.
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we are in very early innings before either one of us can take a stake in the lakers or the dodgers. but it is happening. the democratization of entertainment assets, sports assets across the board is a trend. it is not just the opportunity for the super wealthy. i can see in very short order many people having an opportunity to participate and own a piece of their favorite sports franchise and also entertainment assets as well. guy: where do you see yourself going? as we start to include more and more asset classes and make those asset classes more and more available, how do you think long-term we should be thinking about how the industry develops? the private markets have become very large, but still kind of exist only for a certain tranche of society. i'm just wondering ultimately
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where you think your platform is going, where the industry is going? ultimately, how the industry is going to look different and where it is going to look different in 10 years time. >> the evolution of the industry that we are witnessing right now is really the rise of the three-dimensional modern portfolio. forever it has been 60-40. access to different strategies, sports potentially. you are going to see private assets have a home in portfolios, and again, the name of the game here is building wealth for generations. that is what exposure to these asset classes is allowing for. in short, what i see is a view over the next 10 years with trillions of dollars being transferred from traditional asset into alternatives across the board, and we are going to
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see more spoke folios look a lot more three-dimensional than the 60-40. guy: thanks for that, thanks very much for stopping by to see us. we are coming to the end of the day here in europe. solution developments certainly in markets right now. we are up by around 2/10 of 1%, not within that tremendous volatility within single stocks. it's amazing some of the differences, some of the spreads we are seeing right now. a bit on the long end as well, certainly in the united states and here in europe. the currency market, we are up by around 2/10 of 1%. some big events coming up. we've also got more data cpi coming through tomorrow. mark anderson, the cohead of global asset at ubs is going to
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be joining us. can you pick stocks in this market? should you be picking stocks in this market? look at the volatility. we will talk about it next. this is bloomberg. hey david. connect with an advisor to create your personalized plan. let's find the right investments for your goals okay, great. j.p. morgan wealth management. explore endless design possibilities. to find your personal style. endless hardie® siding colors. textures and styles. it's possible. with james hardie™. (aidyl) hi, i'm aidyl, and i lost 90 pounds on golo. it's possible. i struggled with weight loss and weight gain
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guy: wednesday, the 11th of october. index levels tell you absolutely nothing. stocks go sideways. we will discuss that shortly. the countdown to the close starts right now. announcer: the countdown is on in europe. this is bloomberg markets, european close with guy johnson and alix steel. guy: it is a single stock kind of day. single names matter. index going nowhere.

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